We hope you had a great long weekend with your family & friends. The Oakville Real Estate Market is booming! Healthy buyer demand and constrained supply continue to be the story for much of the country. Showing activity as tracked by ShowingTime across Ontario, Alberta and Nova Scotia in July this year remained well above the activity seen in July 2019. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning. With mortgage rates remaining near record-low levels, high buyer activity is expected to continue into the late summer and early fall market. Home buyers remain extremely resilient despite COVID-19 and its economic impact.
Below you will find the July 2020 market statistics for Oakville. We are dedicated to providing you with the most up to date information on the market, especially with sales information through the COVID-19 crisis.
New Listings increased 17.6 percent for Single Family homes and 22.6 percent for Townhouse/Condo homes. Sales increased 23.6 percent for Single Family homes and 23.4 percent for Townhouse/Condo homes. Inventory decreased 28 percent for Single Family homes and 10.3 percent for Townhouse/Condo homes.
Median Sales Price increased 10.3 percent to $1,370,000 for Single Family homes and 9.5 percent to $757,000 for Townhouse/Condo homes. Days on Market decreased 29.7 percent for Single Family homes and 45.2 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 27.9 percent for Single Family homes but increased 5.6 percent for Townhouse/Condo homes.
We would love to provide you with a neighbourhood market update for your area!
Contact us today for your neighbourhood report.